Loan Repayment Options

Loan repayment plans are designed to meet the needs of almost every borrower. Direct Loans are funded by the U.S. Department of Education and are managed by a loan servicer. You can choose your repayment plan and switch your plan if your needs change.

Loan Repayment Options

Among the most popular are two income-driven plans which calculate your monthly payment based on your income and household size:

Pay as You Earn (PAYE)

Income-Based Repayment (IBR)

Public Service Loan Forgiveness: If you qualify for one of the income-driven repayment plans listed above and work in public service or for a non-profit organization, your loan may be forgiven after 10 years of on-time payments.

20-25 Year Loan Forgiveness: If you do not work in public service or for a non-profit organization, but still qualify for one of the income-driven repayment plans listed above, your loans may be forgiven after 20 or 25 years of on-time payments, depending on when you became a first-time borrower.

Other payment plans, not driven by income, are:

Standard Repayment

Graduated Repayment

Extended Repayment

There is one additional plan based on your income, but it will not qualify for Public Service Loan Forgiveness and does not have a forgiveness component after 20-25 years of on-time payments:

Contact Us

Your federal loan servicer is required to help you find the repayment plan that is most affordable to you. We strongly encourage you to work closely with your loan servicer upon graduation.Logging in to NSLDS, the National Student Loan Data System, will enable you to view the loan servicer name and contact information for any and all federal loans.